This study investigates whether the governance attributes of Brazilian companies are associated with voluntary executive stock option (ESO) disclosure. Results show that Brazilian companies voluntarily disclose very little about their ESO plans, and that board size, presence of a compensation committee, and auditing by a Big 4 firm are significantly related to the degree of voluntary ESO disclosure. We also show that family-controlled companies in Brazil are associated with low voluntary ESO disclosure. Results are robust to a number of specification tests, dependent and explanatory variable measurements, and sample composition. This study has professional and regulatory implications for Brazil and other emerging capital markets. The results underscore the need for stricter rules for executive compensation reporting in Brazil, and they invite policy makers and regulators in emerging markets to consider the effects of company-level governance factors on disclosure incentives.

This study investigates whether the governance attributes of Brazilian companies are associated with voluntary executive stock option (ESO) disclosure. Results show that Brazilian companies voluntarily disclose very little about their ESO plans, and that board size, presence of a compensation committee, and auditing by a Big 4 firm are significantly related to the degree of voluntary ESO disclosure. We also show that family-controlled companies in Brazil are associated with low voluntary ESO disclosure. Results are robust to a number of specification tests, dependent and explanatory variable measurements, and sample composition. This study has professional and regulatory implications for Brazil and other emerging capital markets. The results underscore the need for stricter rules for executive compensation reporting in Brazil, and they invite policy makers and regulators in emerging markets to consider the effects of company-level governance factors on disclosure incentives.

The objective of this work is to study the intraday dynamics of liquidity in the Brazilian stock exchange from the perspective of co-movements (or commonalities). In the study we argue that this common factor in the liquidity of the stocks is affected by the intraday patterns related to microstructure effects in the market. Using a high frequency database, such a hypothesis is investigated for the Brazilian data and we report large evidence that the commonality effect in the liquidity changes significantly along different times of the day. During the first and last hours of trading this effect is more intense. We justify this result as an effect of the arrival of new information to the market and the existence of the overnight risk.

Cada vez mais há preocupações sobre se as informações retratadas nas narrativas contábeis descrevem fatos verdadeiros, ou se foram manipuladas de tal forma a influenciar as percepções dos leitores. Nesse sentido, o objetivo da pesquisa é analisar as características do gerenciamento de impressão por meio do uso de tom anormal nos relatórios de administração das companhias abertas listadas na Brasil, Bolsa, Balcão [B]³, durante os anos de 2010 a 2017. Para tanto, foi realizado um estudo com abordagem do problema quantitativa, por meio documental com análise descritiva dos dados. Ainda, 1.576 relatórios de administração foram coletados manualmente no site da CVM. O tom anormal, proxy para o gerenciamento de impressão, foi mensurado segundo o estudo de Carlsson e Lamti (2015) e, após, foi analisada a sua relação com a performance financeira por meio de regressão com dados em painel com efeitos aleatórios. Os principais resultados evidenciaram que a probabilidade de se observar o uso de um tom anormal positivo (gerenciamento de impressão positivo) nos relatórios de administração diminui conforme o desempenho financeiro das empresas diminui. Espera-se que o presente trabalho permita um maior conhecimento sobre essa prática de gerenciamento e, dessa forma, os usuários consigam detectá-la mais facilmente.

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The retail supermarket sector is one of the most important in the third sector. Besides being one of that most generates direct and indirect jobs, it is one of the first to capture changes in consumer behavior. Given the strong competition and constant evolution of the sector, it is necessary to improve techniques for individual performance measurement of the networks and the construction of parameters of relative comparison between the units. The aim of this article is to analyze the efficiency of a 31 supermarkets sample in Santa Catarina, using Data Envelopment Analysis (DEA). The variables used in the investigation were gross sales, the number of employees, sales area and number of checkout's in the period of 2014 and 2015. The results pointed out a low percentage of units at maximum efficiency for the two periods analyzed. Another relevant finding was that the variables that presented a mismatch to reach the maximum efficiency of the units was the “Sales area (m2)” and “number of employees“, suggesting the existence of idle structure capacity.

O presente estudo teve por objetivo analisar como a volatilidade dos resultados anuais das companhias abertas brasileiras é influenciada pela oscilação do preço das commodities agrícolas. A amostra é composta por 26 companhias abertas com ações negociadas na Brasil, Bolsa, Balcão [B]³ que apresentavam saldo na conta de Ativos Biológicos, tanto no curto quanto no longo prazos. Os dados, analisados ao longo de nove anos (2010 a 2018), foram agrupados em categorias e tratados estatisticamente, por meio de dados em painel com série temporal empilhada. O preço de algumas commodities - como algodão, suínos, aves e trigo – apresentam influência sobre a volatilidade dos resultados anuais das companhias, de modo que sua volatilidade se mostra significativamente atrelada à avaliação mais acurada do valor da empresa. Assim, o estudo contribui para a sinalização dos preços das commodities agrícolas ao mercado e sua influência na volatilidade dos lucros, de modo a otimizar a tomada de decisão de investidores e gestores, evitando perdas e auxiliando no desenvolvimento de estratégias quantitativas para a rentabilidade de seus ativos.

No abstract